There are indications that the federal government may have taken the decision to cut the budgetary allocation to the National Assembly from N120 billion to N90billion in the 2016 appropriation. The National Assembly yearly allocation since 2003, has remained at N150 billion except in 2015 when the budget was reduced to N120 billion because of […]
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Airline operators in the Nigeria have been recording losses due to the continuous decline in the value of the local currency, the naira, the Chief Operating Officer of Dana Airlines, Mr. Obi Mbanuzuo lamented, saying it has brought untold hardship to airlines in the country. He stated that the situation has led to astronomical rise […]
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Investigations have revealed that the N382.5billion ($1.53billion) Lagos-Ibadan double track railway line modernisation project has suffered a setback three years after its flag off. Findings revealed that the actualisation of the project may not see the light of the day till 2020. The 180 kilometres project, which was scheduled for completion in 2016, is still […]
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The Central Bank of Nigeria( CBN ) has concluded arrangements to warehouse all recovered looted funds in a special escrow account to be created by the apex bank, it was learnt at the weekend. An impeccable source within bank who revealed this explained that the funds can never be lumped with other government funds at […]
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The Nigeria Export Promotion Council (NEPC) has said that cashew production, if properly harnessed, could generate about $2bn annual earning for the country ?in the next five years, just as the agency would create no fewer than 344,000 new jobs through “One State One Product Initiative’’. Making this disclosure on Saturday in Ibadan, Oyo state […]
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The Bankers’ Committee, an umbrella body comprising the Central Bank of Nigeria (CBN), Deposit Money Banks and Discount Houses in Nigeria , said it has resolved to raise lending to the agric sector to N300 billion next year. CBN Governor, Mr. Godwin Emefiele, revealed this at the end of the 7th Bankers’ Committee Retreat held […]
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In the first nine months of the year, the Federal Government had spent N3.42tn out of the total N4.493tn spending approved in the 2015 budget. These figures are contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper (2016-2018) sent by President Muhammadu Buhari to the National Assembly. The document was approved by the […]
Read More Oil Decline To $39, Threatens FG’s Savings Plan The proposal of N6trillion for Budget 2016 by the Federal Government has generated divergent views among economic experts in the country. While some economists called on government to embark on efficient taxation system to enhance more revenue generation for the economy, others said N6trillion proposal for expenditure […]
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The New Nigeria Development Company (NNDC), a business conglomerate of the 19 northern state governments, has disclosed plans to commence exploration of oil and gas in the Lake Chad area of North-East. “Oil and gas blocks have been discovered in the North. But for security challenges in the North-East, exploration would have gone far,” the […]
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Trade volume between Japan and Nigeria has reached a record $5.28 billion, the Trade Commissioner and Managing Director, Japan External Trade Organisation (JETRO), Mr. Taku Miyazaki, has said. He said Japanese companies were keen on expanding their businesses in the country with high technology, According to The Nation Miyazaki urged the government to make the […]
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Global music star Akon in partnership with Shell have just put measures in place to shine a light on the power of innovative options for access to smarter energy by unveiling Africa’s first human and solar powered football pitch at the Federal College of Education, Akoka, Lagos. Being the latest initiative from Shell’s #makethefuture programme, […]
Read More Global benchmark Brent crude on Thursday extended its losses, dropping to $39 per barrel thereby threatening the Federal Government’s ability to save earnings from crude oil sales next year, ThePunchNg report. The Federal Executive Council had earlier this week proposed $38 per barrel as the oil benchmark price for the 2016 budget, down from $53 […]
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